Bear Stearns Settlement Gets U.S. Judge's Approval
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JPMorgan Chase & Co.’s Bear Stearns unit’s settlement of a consolidated lawsuit by investors who lost money from 2006 to 2008 was approved by a federal judge in New York.
Bear Stearns in June agreed to the $275 million cash settlement, which called for the money, minus legal fees, to go to shareholders who claimed the company issued “materially false and misleading statements” about financial results. Its auditor, Deloitte & Touche, agreed to pay $19.9 million.